Italian energy group Eni has entered the Greek solar power market by acquiring Solar Konzept Greece as part of its plans to shift away from oil and gas.

In a statement, Eni said it had bought the company from Solar Konzept International, majority-owned by German investment company Aquila Capital, for an undisclosed amount.

The financial terms of the deals were not disclosed.

Solar Konzept Greece, which has an 800 MW portfolio of projects at different stages of development, will be a launching pad for further growth in Greece, Eni said.

Eni, which bought the company through its retail gas and power division, has 500,000 retail customers in Greece.

Eni last year combined its renewables and retail businesses and is now planning to list a minority stake in the unit next year to help fund its energy transition. As of the end of 2021, Eni gas e luce has a 1.2 GW portfolio of renewable capacity in operation and has a target to install over 6 GW by 2025 and over 15 GW by 2030.

Eni focuses on capitalizing on the mounting demand for renewables and green energy products. Notably, the latest acquisition is part of Eni’s plans to expand its renewable capacity and vertically integrated activities in the power retail business.

According to Mercom’s recently published annual and Q4 Solar Funding and M&A Report, M&A activity in the solar sector soared with 126 transactions in 2021 – the highest number of deals ever recorded. The largest transaction in 2021 was Adani Green Energy Limited (AGEL), which acquired a 100% stake in SB Energy India for $3.5 billion.